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Ibstock announces new carbon reduction target
Clay and concrete building products manufacturer, Ibstock plc, has announced new carbon reduction commitments, including a target for the business to be net zero by 2040.
Having achieved its existing goal of a 15% reduction in CO2 per tonne of production, it has established new, more stretching targets to achieve a 40% reduction by 2030, and a commitment to become net carbon zero by 2040.
This new net zero commitment will cover scope 1 & 2 emissions¹ – including investment in more efficient production processes and in high quality environmental projects to offset residual carbon. A strategy to reduce indirect scope 3 carbon emissions, which contribute less than 40% of the business impact, will be developed in 2022.
These new targets build on Ibstock’s existing sustainability roadmap commitments, creating a framework of targets and critical milestones at the centre of a new 2030 sustainability strategy. Full details of the new sustainability strategy and net zero journey will be published in March 2022, as part of its 2021 results announcement.
Pledging net zero by 2040 is yet another commitment from Ibstock, following significant announcements throughout 2021 including:
• The launch of Ibstock Futures, a new business unit directly addressing a number of future growth markets – with sustainability and the industrialisation of traditional construction processes gathering pace.
• Investment of over £115m committed to construct two state-of-the-art, net zero factories within the existing footprint at Ibstock’s Atlas and Nostell sites.
• Procurement of 100% of electricity from renewable sources.
Ibstock has also received multiple sustainability awards in reflection of both leadership and progress – following investment in new production capacity at multiple plants across the network over the last 20 years, reducing carbon intensity of the manufacturing process.
Joe Hudson, chief executive officer of Ibstock plc, said: “Whilst we know we have much more to do, I am delighted that we are making progress on our commitments and are able to announce further carbon reduction targets in such an ambitious timeframe. These new carbon commitments, including our pledge to be net zero by 2040, represent a bold step on our journey to address climate change and move the business into the low carbon economy.
“I am proud of our colleagues across the business who are driving forward our sustainability agenda and securing its place at the core of our purpose as a business and I look forward to presenting further details on our ambitions and targets in March 2022.’’